An internet service that allows consumers to compare mobile phone companies to find the lowest tariffs has become the first website of its kind to be accredited by the communications regulator.

Ofcom today said BillMonitor was awarded its price accreditation scheme logo after meeting the terms of a rigorous independent audit, which checks whether information given to consumers is accessible, accurate, transparent, comprehensive and up to date.

BillMonitor uses advanced statistics to find the best mobile price plans for consumers across the five network operators – 3, O2, Orange, T-Mobile and Vodafone. The comparison engine, developed by BillMonitor's team of mathematicians with scientific advisors from the University of Oxford, shows consumers how much they can save if they switch phone plan or supplier.

Consumers supply details of their bills and the website analyses them for a tailored recommendation.

Alternatively, users can do a one-off tariff search by entering the amount of minutes and texts they use, as well as any overseas calls and data usage they make, to find the most suitable tariff.

BillMonitor also analyses historical usage patterns to predict future usage, and can keep consumers updated on the money they could save as networks change their price plans.

According to Ofcom, 57% of mobile users are more likely to shop around if there is information available to calculate the cheapest supplier based on usage, and 50% are more likely to trust an accredited price comparison website.

Audrey Gallacher, head of company performance at Consumer Focus, the statutory organisation campaigning for consumer rights, said: "Accreditation for comparison sites is vital. With tens of thousands of mobile phone tariffs on the market consumers need peace of mind that before they take up a new deal they [can] get comprehensive and unbiased advice.

"We hope many other mobile price comparison services compete to earn Ofcom's accreditation and help make pricing decisions easier for mobile phone users."

Ofcom receives thousands of calls a week from dissatisfied consumers. Earlier this week, the regulator announced a reduction in the time consumers will have to wait to seek an independent resolution of disputes with their communications providers. From 1 September consumers will be able to use the dispute resolution service eight weeks after making an initial complaint to the communications provider instead of the current 12 weeks.

How much could you save?

Consumer A is a light user on a contract with more inclusive minutes/texts than she uses, paying on average £31.33 a month. BillMonitor recommended she switch provider to reduce her average bill to £16.34, which would still leave her with free minutes most months. Without switching provider she could save £11.41 a month just by changing price plan.

Consumer B has a monthly contract with no add-ons. He calls and texts Turkey, France, the US and Greece, and has roamed while in Vietnam, Cambodia, Thailand and Greece. On average he pays £83.96 a month. When BillMonitor analysed his bill it recommended he switch providers and use their free roaming add-on which would reduce his average monthly bill to £67.52.

Consumer C is rarely off the phone. He uses an average of 2,179 minutes and 853 texts, for which he pays £209.50 a month. Using BillMonitor he managed to cut his bill to £68.68 by changing price plan with his current provider.